EU Steel Protection Boosts Thyssenkrupp Stock to 5-Year High
The EU has announced robust protection measures for its steel industry, set to last until 2026. This news has boosted the stocks of major European steel producers, with Thyssenkrupp leading the charge in the stock market.
Thyssenkrupp's stock price soared to a five-year high following the EU's announcement. It has seen a remarkable 300 percent increase from its yearly low and a monthly gain of around 30 percent. Additionally, it has achieved a year-to-date gain of over 220 percent and reached a new 52-week high of 13.19 euros.
The EU's measures, tougher than initially expected, aim to shield European producers from cheap imports. This has led to a stock market increase not only for Thyssenkrupp but also for other European steel producers like Salzgitter, ArcelorMittal, and Acerinox. Investors are now reassessing the long-term prospects of the steel industry, buoyed by the EU's commitment to domestic production.
Thyssenkrupp's stock gained 4.72 percent, leading the MDAX index, after the EU's announcement. The new regulations, planned to last until 2026, could provide much-needed relief for European steel manufacturers struggling with global stock market pressure.
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